Category Archives: BUSINESS

8 Major Currencies in FOREX Trading

These currencies have nicknames which enable you to research them individually by their nicknames or abbreviations. They are convenient when you are communicating with other Forex traders.

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U.S Dollar (USD) Buck or Greenback – Greenback comes from banknotes issued during the American Civil War in 1861, related because of the color green on their backs. Buck comes from “buckskin” used by Native Americans as a bargaining chip with Europeans.

European Euro (EUR) Single Currency or Fiber– Fiber simply because the currency bill is made of pure cotton fibers. Single Currency because it is used in several states.

Japanese Yen (JPY) Yen – the 3rd most traded currency and the 4th most important reserve currency. The most traded currency pair containing the yen is USD/JPY; EUR/JPY and GBP/JPY.

British Pound (GBP) Sterling or pound – comes from when the pound sterling had a value equal to one pound of sterling silver.

Swiss Franc (CHF) Swiss – Swissy is a nickname but also for the currency pair that includes USD USD/CHF.

Canadian Dollar (CAD) Loonie – the currency of one Canadian dollar has the image of a common loon, a widespread bird in Canada.

Australian Dollar (AUD) Aussie or Ozzie – originated from the fact the term refers to an Australian.

New Zealand Dollar (AUD/NZD) Kiwi – comes from the national symbol of New Zealand, a bird.

Continue to FOLLOW OUR BLOG for more post on FRx and HFx. Thousands of people are learning to trade daily. With the current pandemic everyone needs another source of income. Reach out to us if you desire additional information regarding FOREX.

3 Ways to Show Great Leadership

Today I was meeting with my Trading Team, AWG, and realized that even though I was the Team Leader, I was quite comfortable interacting with my colleagues on their level. When you have colleagues that are not selfish, afraid, or negative there’s always opportunity to grow. Being a Leader does not mean you can’t interact with your team. It means you can learn what others have to contribute as well. Being a leader doesn’t mean you need to oversee everything. Leaders collaborate, delegate, and trust the system or process. While your guidance is needed, it is not imperative that you be the sole vocal in the meeting. Allowing others to participate and contribute actually helps you realize what you don’t know enabling you to learn a little more.

MINDSET – When you have a positive mindset, optimistic mindset, and a communicative mindset, much can be accomplished. Your ability to teach and learn becomes much easier. No barriers up means everyone will learn and be creative in their own right. I’ve watched team members walk away from a great team, great opportunities, and have unbelievable potential only because they didn’t have the right MINDSET and would not stay around the ‘campfire’ long enough to allow anyone to contribute what was needed to improve and/or change their mindset. Many people walk away with many excuses and blame on others before they examine themselves and admit, even to themselves, that change is needed. More positivity and less negativity can carry a long way. Give people a chance to show our productive they can be. Let them participate in their own success. If not, again I say, they will feel useless, frustrated and quit. There’s nothing that can’t be accomplished with the right mindset.

GROWTH – allowing growth is another great to show leadership. In doing so, you actually learn what you really don’t know. Most people don’t know what they don’t know. Opening up and learning from others is a great way to help others by showing them that you’re not perfect and they are not expected to be perfect. It is a ‘learning’ process. On my trading team, my downline can pass me on the way up to their increased income so why not train them properly and allow them to grow?

NO MICROMANAGING – When leaders have their hand in everything, attend every meeting, never delegate, its showing the team little trust in their skills and abilities. You may finish what you started out to do, but it will leave a taste of mistrust and anxiety. There’s been times when I was not able to do a presentation and felt no hesitation on asking one of my members to Present. At seeing how anxious they were to handle the request I realized that member actually was much smoother at the Presentations than I was. One less job/responsibility on my shoulders and one more team member whose confident was built larger. Other members felt comfortable enough to call on their colleagues for help instead of waiting for me to have time to help. As a result, the team grew. It was a win-win for everyone.

INTEGRITY – As you strive to be ‘perfect’, don’t forget your integrity. Perfectionism creates fear in your leadership. This causes procrastination and will eventually cause you to micromanage, which is not what leaders do. Always show your honesty; be direct and truthful. Leaders allow each person to carry out what their responsibilities are on their level with room for growth. Leaders teach by example. In the field of FOREX TRADING, there is no time or room for one person to do everything, other than their own personal trading. Leaders show trust, vision, inspiration, communication, and a positive attitude. In doing so it allows to see your integrity and creativity. People tend to work harder and longer when shown trust and respect. It makes them strive to do better and many ‘think outside the box’ allowing more growth. If you are a team member, my advice to you is to focus on your abilities and they will expand. Build on those abilities, don’t be afraid to step out and step up.

So there are many other characteristics of LEADERSHIP but for now focus on how you present yourself to others. How would you like to be led? What would you do different? Focus more on your potential instead of perfection. Perfection says no one can do it as well as you. Potential opens the door and allow others to participate and create. That can only lead to growth. With as large as a team can grow, there are so many opportunities for growth and I have learned there is no I in Team and my team will have the energy and enthusiasm to meet the increased demands of growth even when I may be exhausted. Let your team in. You’ll find they have the greatest ideas.

Please continue to visit our BLOG. We are still doing a series on FOREX TRADING. If you are interested in learning trading, from home, reach out to us. The pandemic has slowed us down a bit, but we will be posting more information soon.

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MAIN REASONS WHY FOREIGN EXCHANGE TRADERS FAIL

$5.3 Trillion dollars is traded daily in the foreign exchange (FOREX) market. Many attempt foreign exchange but without properly tools they fail. Here are the main reasons why traders fail:

Fear – fear of losing your money will paralyze you into either not trying or doing it wrong.

Greed – greed makes you jump into trades that are not appropriate for you at that time.

Hope – being hopeful and not working off your skill will set you back. Execute.

Excitement – too much excitement will distract you from analyzing and executing your trades properly. Emotions should not be a part of trading real money!

Unrealistic targets and goals – many traders fail to learn realistic targets and goals. Learn how to properly leverage your account – lot size according to your account balance.

Lack of Knowledge – not taking the proper time to learn the foreign exchange trading industry can set you back a lot of money and time. Learn-Learn-Learn

Not entering proper stop loss – traders should always protect their money! This means setting a stop loss. Why? Unless you are a scalper, you will not see when your trade is exceeding the limit you have mentally set to get out of the trade. Sooooo…… set stop losses. Learn more about what stop losses mean to save you a lot of headache and money later. Professional traders use it, why shouldn’t you?
Setting stop loss is a large part of leveraging your account.

Lack of Capital – traders attempt to fund their account with a very small amount of money which limits them to the amount they can trade. Most blow their account because they overleverage due to little capital.

Lack of discipline – traders should always have a Trading Plan. Decide how frequent you will trade per hour/day/week/month, etc.. Decide what time of day, where, meaning your home office in your pajamas, at the kitchen table or what? While there is always a history of your trades, traders should always journal their trade activities to review and analyze their good and bad habits. It will help you in the long haul.

Elation – Too much confidence and overexcitement can cause a trader to lose much money in their account. Traders should remain calm and focused with their trades.

High Risk aversion – traders have the need to stick with their banks rather than risk their money and ultimately achieve greater success.

Poor choice of broker – Brokers apply spreads when you first select your trading pairs. Some spreads are more than 30 pips which automatically put you in a negative when your trade starts. Pick your broker wisely!